From a financial perspective, this year has been one of the most interesting things we’ve ever seen, as accountants, and probably you as a business owner. I think we’ve had some high highs and some low lows – I don’t think anyone’s been exempt from both of those things this year.
What we want to have a look is, how is our business actually performing from a profit perspective, before COVID hit and then after COVID hit?
A couple of the questions I want you to ask yourself is: are you actually making an operating profit in your business? What I mean by that is, without any stimulus measures – so no JobKeeper, no cashflow boost – are you still making a profit in your business? Because that’s going to be very, very good to know, especially to make decisions moving forward into 2021.
For some businesses, the picture might not be good.
The other question I want you to ask yourself is: does your business have financial viability moving into the next few months and in the New Year? For some, and we’ve already seen this a little bit, the answer to that is no.
I think the business owner will be better off if unfortunately they had to close the doors permanently – but hopefully that is not too many of us.
Plan your business and watching the full webinar at https://insp.red/christmascashflowwebinar
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